Hong Kong stocks slip amid profit-taking after Alibaba-led tech rally
Chery Automobile, China’s biggest car exporter, rises in its trading debut
Hong Kong stocks fell slightly on Thursday after rising earlier in the day, as investors took profits from a tech-led rally on Wednesday.
The Hang Seng Index fell 0.1 per cent to 26,484.68 at the close. The Hang Seng Tech Index gained 0.9 per cent. On the mainland, the CSI 300 Index rose 0.6 per cent and the Shanghai Composite Index was little changed.
Chinese tech giant Alibaba Group Holding fell 1.2 per cent to HK$172 after reaching its highest in over four years during the morning. Chinese home appliance giant Haier Smart Home dropped 4.8 per cent to HK$25.06, Hang Seng Bank lost 3.1 per cent to HK$114.50, and Bank of China slipped 2.5 per cent to HK$36.30.
Limiting losses, Zijin Mining Group, one of the largest gold and copper producers in China, rose 5.1 per cent to HK$31.16. Electric-vehicle (EV) and consumer-electronics maker Xiaomi gained 4.5 per cent to HK$59.45, and JD.com added 3.5 per cent to HK$137.60.
Contemporary Amperex Technology (CATL), the world’s largest EV battery producer, listed in both Hong Kong and Shenzhen, reached all-time highs during the day. The rise pushed its market capitalisation above 1.84 trillion yuan (US$258 billion), temporarily overtaking Kweichow Moutai as the fifth most valuable onshore listed company.
At the close, CATL’s Hong Kong-listed stock rose 5.1 per cent to HK$532, and its Shenzhen-listed shares added 3.4 per cent to 392.85 yuan.